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Isle Of Man Welcomes Crown Dependency Review

by Robert Lee,, London

02 December 2008

Chief Minister Tony Brown has welcomed the review of Britain’s Crown Dependencies and Overseas Territories announced by United Kingdom Chancellor of the Exchequer Alistair Darling in his pre-budget statement last week.

Mr Brown commented:

“The announcement of this review across the three Crown Dependencies and 14 Overseas Territories is understandable in terms of the turbulent economic climate being experienced around the globe.

“As far as the Isle of Man Government is concerned we welcome this exercise as another opportunity to show that the island is well regulated, financially stable and internationally responsible.”

“The Isle of Man has a strong record of compliance with the highest global standards in the areas of financial regulation, taxation, transparency and international co-operation. This has been confirmed by bodies such as the IMF and the OECD.”

Following prior discussions about the future relationship of the Isle of Man and the UK, Brown did underline that the review announced by Darling was “not a review of the Isle of Man’s constitutional relationship with the United Kingdom”.

Darling told the Commons in his speech that the review of British offshore financial centres will focus on their role in the global economy and their long-term business strategies. He added that the review will work with the crown dependencies and overseas territories to identify current and future opportunities, risks and mitigation strategies, including issues such as:

  • financial supervision and transparency;
  • fiscal arrangements;
  • financial crisis management and resolution arrangements; and
  • international co-operation.

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